Precautions are Useless After a Crisis!

By: Robert Child

As a financial advisor, I get a lot of questions. Some people ask me if it’s a good time to invest in the markets, or if they should be sticking their money under a mattress. Others ask me about the economy. A few ask me about specific investments. But the most common question I get is probably the best. “What,” they say, “is the number one tip you can give me?”

Precautions are useless after a crisis!

The best “tip” I can give is quite simple, Precautions are useless after a crisis! When’s the worst time to buy a home-security system? After a break-in. When’s the worst time to check your tire pressure? After you’ve already had a blowout. When’s the worst time to put your seat belt on? You get the idea.

It’s a fundamental fact of life, and it extends to your finances, too. Money can take hits just like everything else. People lose their jobs. Investments can plummet. There might be a death in the family. We have to contend with natural disasters, theft, fraud, and just plain bad luck. There’s only one way to fight it: by having a plan. But a plan is nearly useless after the fact.

So what’s my number one tip as a financial advisor?

Do now what you’ll wish you had done later. If you take suitable precautions for your money, you’ll find that it’s always there to support you, even in your direst need. Don’t trap yourself by the hardships of life.

Because precautions are useless after a crisis.

Securities offered through vFinance Investments, Inc. (vFin), Member FINRA/SIPC. Child Group Wealth Management (CGWM) advisors are registered with National Asset Management, Inc. (NAM), a SEC Registered Investment Advisor and affiliate of vFin. Accounts are carried by National Financial Services LLC, Member NYSE/SIPC, a Fidelity Investments company. NAM and vFin a Fidelity Investments company. NAM and vFin are not affiliated with CGWM.

Bobbin for Dollars and Sense is written by Robert Child, President of Boca Raton-based financial company, Child Group Wealth Management. Bob is known for his common sense perspective. He understands how to think and act during critical times. Few of today’s active financial advisors have lived through the NYC Bankruptcy Crisis of 1975 or the Washington Public Power Supply System debacle of 1983. Bob believes both financial catastrophes have strong similarities to today’s economic quagmire. When economic times and financial markets were tough, Bob was there and learned from those financial tragedies, first-hand. Advising clients for almost 40 years, Bob has a team of seasoned and disciplined professionals working aside him servicing retirees and soon-to-be retirees, for over eight decades, combined, by carefully assessing the personal needs and financial goals of their clients. For more information, visit www.childwealthmanagement.com